HomeMy WebLinkAboutReso 124-21 Authorizing Additional Special Designations of General Fund Reserves for Fiscal Year 2020-21 and confirm additional General Fund reserve designations as of June 30, 2021Reso. No. 124-21, Item 8.1, Adopted 10/19/2021 Page 1 of 1
RESOLUTION NO. 124 - 21
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AUTHORIZING ADDITIONAL SPECIAL DESIGNATIONS OF
GENERAL FUND RESERVES FOR FISCAL YEAR 2020-21
WHEREAS, the City's Fund Balance and Reserves Policy requires special fund balance
allocations to be adopted by the City Council, and allows the City Council to take action prior to the
end of the fiscal year to direct a specific assignment of the fund balance; and
WHEREAS, Staff reviewed updated information regarding fund balance and estimated one-
time revenues during the preparation of the Fiscal Year 2021-22 Budget; and
WHEREAS, the City Council approved allocations to specific Committed Reserves and
Assigned Reserves on June 15, 2021, based on estimated revenues and expenditures at that time.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby make additional special allocation of the Fiscal Year 2020-21 year-end balance to the
Committed fund balance as follows:
• Create a new reserve for Lease Revenue Bond Payment and add $4,000,000
• Increase the reserve for Downtown Public Improvement by $3,000,000
• Increase the reserve for Fire Services Pension/OPEB by $346,869
• Increase the reserve for Public Safety by $600,000
• Increase the reserve for Utility Undergrounding by $2,329,810
• Increase the reserve for Don Biddle Community Park by $600,000
• Increase the reserve for Cemetery Expansion by $96,000
BE IT FURTHER RESOLVED that, any net resources remaining after special designations,
and after meeting the Fund Balance and Reserves Policy requirements, will be left in the Unassigned
(Available) Reserve.
PASSED, APPROVED AND ADOPTED this 19th day of October 2021 by the
following vote:
AYES: Councilmembers Hu, Josey, Kumagai, McCorriston and Mayor Hernandez
NOES:
ABSENT:
ABSTAIN:
_________________________
Mayor
ATTEST:
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City Clerk